Forex Broker Reviews

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Our story and our mission

 
 
 

Mission Statement

SuperChoice is by traders, for traders. We review brokers based upon the factors that traders REALLY care about, without any bias. We aim to help all levels of traders whether new or market veterans, to trade with the best security, pricing, and trading conditions available on the market. We want to help traders pick the best broker, simple as that. We research brokers and put in the leg work, so that you don’t have to when choosing who to trade with. From market veteran to newbie, we can help find the best broker for you!

Why Superchoice?

That’s easy peasy…

SAFE = Only Regulated Brokers
Only ASIC (Australian Securities and Investment Commission) regulated brokers
GOOD STANDARD = Only MetaTrader Platforms
All brokers we review offer the trusted MetaTrader platform
REFINED SELECTION OF BROKERS = Our SuperChoice Top 5 Forex Brokers
We’ve found the best of the best, to save you time from looking at the rest!
FUN = A Unique, interactive way to compare brokers
We compare brokers by unboxing, what’s in the box, and cost of the box
INDEPENDENT = Useful, unbiased reviews
Our reviewer is independent and has no incentive to favour any forex broker.
USER FRIENDLY = Clear
Please tell us if you think otherwise!

We Are Looking In The Box, But Also Outside Of It

UNBOXING

What is it like opening an
account with the broker?

IN THE BOX

What does the
broker offer?

COST OF THE BOX

How much do you
pay the broker?

Scoring Explained

There are a total of 12 points that forex brokers can be awarded. The scoring system is broken down like this:

Unboxing

In the box

Cost of the box

12 Criteria

Opening Account Speed

Minimum Deposit

Leverage

Deposit & Withdrawal
Customer Service
Education
Research
Speed of Execution
Product Portfolio

Spreads

Commissions

Hidden Fees

Super

Good

Bad

3 PT

2 PT

1 PT

5-6 PT

3-4 PT

1-2 PT

3 PT

2 PT

1 PT

11-12 PT

7-8 PT

3-4 PT

Leverage

In terms of trading, leverage is borrowed capital that allows you to increase your potential profits or losses. In Forex a common leverage amount offered is 100:1, meaning that for every $1 you have you can control $100 in equity.

Margin

Margin is the collateral you must keep in your account to maintain a leveraged position.

Open A Forex Trading Account

Opening a trading account with an Australian Forex Broker is an easy process that can typically be completed within a matter of minutes. To open an account with a forex broker there are three main steps:

  1. Fill out personal information
  2. Verify account with documents
  3. Client Qualification questionnaire

To open an account, you will need to provide your full name, nationality, email and phone number. Once you’ve completed these and set up a password you will typically be asked to choose the type of account and the trading platform, as well as your base currency. You will also be asked for your country of tax residence and tax details (TFN for Australians). Typically, providing specific tax information such as TFN is not compulsory. Brokers will also ask if you are a politically exposed person. The final personal information you must provide is your contact information, including your full address and how you would prefer to be contacted

The next section is financial information. Here you must provide your employment status information, annual income bracket and liquid net worth. Once you are through this section, the broker will ask your about your trading experience (Years) on securities, options, commodities, futures, CFD’s and OTC Forex Exchange, and if you understand the risk of margined transactions.

The client questionnaire assesses whether your knowledge of CFD’s is suitable for opening an account.

Margin Call

A margin call is a demand from the broker for the client to deposit funds to meet margin requirements for open/closed positions.

Short Position

A short sell is a position where the trader anticipates the price of an instrument to decrease, and sells a borrowed asset to buy it back in the future.

Long Position

A long position is a buy position, where the trader anticipates the price of an instrument to increase.

Test2

This is a test, all systems go!

Indicator

An indicator is something that assists traders finding where to enter and exit trades. An indicator could be calculated like a moving average or RSI or a drawn support/resistance level.